ProShares, a premier provider of alternative exchange traded funds
(ETFs), including the only VIX futures ETFs in the United States, today
announced the expansion of its lineup with the launch of the first ETFs
in the United States designed to provide magnified or inverse exposure
to VIX futures.

"Many investors are focused on volatility of the equity markets and are
interested in tools that could help manage or incorporate volatility in
sophisticated portfolios," said Michael L. Sapir, Chairman and CEO of
ProShare Capital Management, the sponsor of the funds. "Now, with our
introduction of these new ProShares, investors for the first time can
get leveraged or inverse exposure to VIX futures with an exchange traded
fund."

Since the financial crisis, there has been heightened attention on
equity market volatility. ProShares introduced the nation’s first two
VIX futures ETFs in early 2011. Today’s launch expands the firm’s lineup
of the nation’s only VIX futures ETFs to four, providing investors a
suite of tools to help manage risk or to act on views on volatility.

ProShares

TickerSymbol

Index/Benchmark

DailyObjective

New Volatility ETFs

Ultra VIX Short-TermFutures

UVXY

S&P 500 VIX Short-Term Futures

2x

Short VIX Short-TermFutures

SVXY

S&P 500 VIX Short-Term Futures

-1x

Existing Volatility ETFs

VIX Short-Term Futures

VIXY

S&P 500 VIX Short-Term Futures

1x

VIX Mid-Term Futures

VIXM

S&P 500 VIX Mid-Term Futures

1x

About ProShares

ProShares is a premier provider of alternative ETFs, with 124 funds and
more than $26 billion in assets. ProShares is the largest provider of
geared (leveraged or inverse) ETFs.1 ProShares is part of
ProFunds Group®, which was founded in 1997 and includes nearly $30
billion in mutual fund and ETF assets.2

About VIX and VIX Futures Indexes

The CBOE Volatility Index® (VIX) is a widely followed measure of the
expected volatility of the S&P 500. Since the VIX is not directly
investable, S&P 500 volatility exposure is often achieved through VIX
futures. Each of the VIX futures indexes measures the movements of a
combination of VIX futures and is designed to track changes in the
expectation for VIX over a specific time window in the future. As a
result, the VIX futures indexes, and UVXY, SVXY, VIXY and VIXM, can be
expected to perform differently than the VIX. The S&P 500 VIX Short-Term
FuturesTM Index, targets a constant, weighted-average term of
one month. The S&P 500 VIX Mid-Term FuturesTM Index,
targets a constant, weighted-average term of five months.

Short or Ultra ProShares ETFs seek returns that are 3x, 2x, -1x, -2x or
-3x the return of an index or other benchmark (target) for a
single day, as measured from one NAV calculation to the next.
Due to the compounding
of daily returns, ProShares’ returns over periods other than one day
will likely differ in amount and possibly direction from the target
return for the same period. Investors should monitor their holdings
consistent with their strategies, as frequently as daily. For more on
correlation and other risks, please read the prospectus.

1 Source: Lipper, based on a worldwide analysis of all of the
known providers of funds in these categories. The analysis covered ETFs
and ETNs by the number of funds and assets (as of 6/30/2011).

2 Assets as of 8/31/2011.

Volatility ProShares ETFs are not investment companies regulated
under the Investment Company Act of 1940 and are not afforded its
protections. Investing in these ETFs involves a substantial risk of
loss. These ETFs may not be suitable for all investors. ProShares
are non-diversified and entail certain risks, including risk associated
with the use of derivatives (swap agreements, futures contracts and
similar instruments), imperfect benchmark correlation, leverage and
market price variance, all of which can increase volatility and decrease
performance. Short ProShares should lose money when their benchmarks or
indexes rise. For more on correlation, leverage and other risks, please
read the prospectus.
There is no guarantee any ProShares ETF will achieve its investment
objective. These funds may have different tax implications and
generate K-1 tax forms.

These ETFs invest in futures. VIX futures are among the most volatile
futures contracts. A fund's exposure to its index may subject that fund
to greater volatility than investments in traditional securities, which
may adversely affect an investor's investment in that fund. VIX futures
indexes are mean reverting; funds benchmarked to them should not be
expected to appreciate over extended periods of time. Due to defined
time periods and other features, VIX futures indexes and funds
benchmarked to them can be expected to perform differently than the VIX.

This information must be accompanied or preceded by a current ProShares
Trust II prospectus available here. ProShares Trust II
(issuer) has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus
in that registration statement and other documents the issuer has filed
with the SEC for more complete information about the issuer and this
offering. You may get these documents for free by visiting EDGAR on the
SEC website at sec.gov.
Alternatively, the issuer will arrange to send you the prospectus if you
request it by calling toll-free (866) 776.5125, or visit proshares.com.

“Standard & Poor's,®” “S&P,®” “S&P 500,®”
“Standard & Poor's 500,®” “S&P 500® VIX®
Short-Term Futures Index,TM” and “S&P 500® VIX®
Mid-Term Futures Index,TM” are trademarks of Standard &
Poor's Financial Services LLC (“S&P”) and have been licensed for use by
ProShares. “VIX®” is a trademark of the Chicago Board Options
Exchange, Incorporated (“CBOE”) and CBOE has agreed that S&P may use the
“VIX®” trademark in the names of the Indexes as licensed to
ProShares. ProShares have not been passed on by S&P or CBOE or their
respective affiliates as to their legality or suitability. ProShares are
not sponsored, endorsed, sold or promoted by S&P or CBOE or their
respective affiliates, and S&P and CBOE and their respective affiliates
make no representation regarding the advisability of investing in
ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND
BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

ProShares are distributed by SEI Investments Distribution Co., which is
not affiliated with the funds' advisor or sponsor.